SME Featured Southeast Asia

HSBC launches first multi-currency digital wallet for SMEs in Malaysia

Kuala Lumpur, Malaysia – HSBC in Malaysia has launched its first multi-currency digital wallet catered to the local small-and medium enterprises (SMEs), which will allow businesses to make and receive international payments simply and securely from one single global account.

The wallet is fully integrated within HSBC’s existing business banking platform, HSBCnet, and by using the bank’s global payments network, allows SMEs to ‘pay and receive like a local’. SMEs can send and receive money in 10 currencies, and hold and manage those currencies by establishing a single banking relationship with HSBC Malaysia.

Shayan Hazir, head of global liquidity and cash management at HSBC Malaysia, said “Global Wallet removes these pain points and challenges for SMEs by enabling them to quickly and securely transact with their suppliers and clients around the world in the destination currency. Global Wallet simplifies payment processes so that SMEs can grow their business internationally, be able to transact with their suppliers and clients around the world seamlessly and have better control over payment flows which is critical for efficient cash flow management.”

The solution currently supports 10 currencies including the US dollar, Japanese yen, renminbi, Singapore dollar and euro. Paying and receiving like a local allows for these transactions to be done within the same or next day.

Meanwhile, Andrew Sill, country head of commercial banking, HSBC Malaysia, commented, “As the trusted international bank of choice for SMEs, the launch of HSBC Global Wallet cements our commitment to scaling up our SME banking capabilities in Malaysia and supporting SMEs as they expand internationally. Drawing on HSBC’s deep digital expertise and wide global network, we are helping SMEs to build resilience and trust within their global supply chains whilst making everyday banking easier.”

Sill added, “As the payments landscape continues to evolve, we are leveraging real innovation that comes from a blend of human collaboration and new technologies to transform. HSBC is transforming alongside our customers as we collaborate and co-create innovative products, services and ideas to build smarter businesses together.”